Limited Liability Partnership registration number OC376584 (England and Wales)
SSA TOURING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SSA TOURING LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SSA TOURING LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
2,017,523
8,647,873
Cash at bank and in hand
2,424,705
3,260,986
4,442,228
11,908,859
Creditors: amounts falling due within one year
4
(1,109,484)
(10,888,566)
Net current assets and net assets attributable to members
3,332,744
1,020,293
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
3,332,744
1,020,293
Total members' interests
Amounts due from members
-
(308,844)
Loans and other debts due to members
3,332,744
1,020,293
3,332,744
711,449
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
SSA TOURING LLP
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 21 February 2024 and are signed on their behalf by:
Leton AB
Eighty Two AB
Designated member
Designated Member
Music Is Good For You AB
Designated Member
Limited Liability Partnership Registration No. OC376584
SSA TOURING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information
SSA Touring LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.
Live performance income is recognised based on performance date.
Revenue from contracts in respect of merchandising and marketing income are recognised on a receivable basis.
Revenue from contracts for reimbursed income is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are showing as 'Loans and other debts are due to members' to the extent they exceed debts due from a specific member.
SSA TOURING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Financial instruments
The limited liability partnership has only has assets which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.6
Equity instruments
Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.
1.7
Retirement benefits and post retirement payments to members
The LLP's policy is that there are no post-retirement payments to members.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,277,528
2,838,461
Amounts owed by members
-
308,844
Other debtors
739,995
5,500,568
2,017,523
8,647,873
SSA TOURING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Debtors
(Continued)
- 5 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
192
Trade creditors
140,834
475,516
Taxation and social security
-
407,087
Other creditors
968,650
10,005,771
1,109,484
10,888,566
5
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
6
Related party transactions
During the period, SSA Touring LLP incurred expenses on behalf of SSA Merchandise Limited, a company with the same ultimate controlling parties, totalling £2,824. During the period, SSA Merchandise Limited invoiced SSA Touring LLP £6,800 in relation to a licence fee that was paid. At the balance sheet date the related party was owed £1,378 (2022 - £2,598 owed by SSA Merchandise Limited).
During the period, SSA Touring LLP incurred expenses on behalf of SSA Recording LLP, an LLP with the same ultimate controlling parties, totalling £1,225,719. During the period, SSA Recording LLP repaid SSA Touring LLP £3,467,293 At the balance sheet date the related party owed £Nil (2022 - £2,241,574).
During the period, SSA Touring LLP incurred expenses on behalf of SSA Enterprises LLC, an LLC with the same ultimate controlling parties, totalling £968,051. During the period, SSA Enterprises LLC repaid SSA Touring LLP £882,017. At the balance sheet date the related party was owed £1,913 (2022 - £84,121 owed to SSA Enterprises LLC).
During the period, Axwell Music Ltd resigned as member from the LLP. At the Balance Sheet date, £19,089 (2022: £513,002) was owed to the leaving member.
During the period, Dancing Is Good For You Ltd resigned as member from the LLP. At the Balance Sheet, £20,008 (2022: £507,291) was owed to the leaving member.
During the period, New Civilization resigned as member from the LLP. At the Balance Sheet date, £6,026 (2022: £308,844 owed from) was owed to the leaving member.
7
Ultimate controlling party
The limited liability partnership is ultimately controlled by A Hedfors, S Josefsson Fragogiannis and S Ingrosso with no individual having overall control.